Whitaker C Francis III 4
4 · Zep Inc. · Filed Nov 2, 2009
Insider Transaction Report
Form 4
Zep Inc.ZEP
Whitaker C Francis III
VP, Gen. Counsel & Secretary
Transactions
- Exercise/Conversion
Common Stock
2009-10-29+504→ 12,766 total - Exercise/Conversion
Performance Shares
2009-10-29−504→ 1,510 total→ Common Stock (504 underlying)
Footnotes (3)
- [F1]Represents the right to receive shares of Zep common stock upon the achievement of specified Stock Appreciation Targets ("SATs") and Target Dates. The SATs are $17.21, $18.03, $18.85 and $19.67, and the related Target Dates are September 1, 2010, September 1, 2011, September 1, 2012 and September 1, 2013, respectively. If any or all of the SATs have not been achieved by the last Target Date, the shares may nevertheless become vested if the price of the Company's common stock met or exceeded the return of the Russell 2000 Index for the four-year period beginning on the grant date and ending on the last Target Date.
- [F2]The Performance Stock Award granted on September 1, 2009 achieved the first SAT on October 29, 2009. The shares will become fully vested on September 1, 2010.
- [F3]The total direct shares shown includes 10,243 time-vesting restricted shares.